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100 Willow Oak Dr | Columbia, SC 29223
Greenbrier
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Property Description
B
526
garden-style
multifamily
Northeast Arcadia Lakes
9 miles NE of city’s center (Columbia)
near the intersection of Parklane Rd and Interstate 20
Class:
# of total units:
Style:
Type:
Neighborhood:
Distance from city’s center:
Location:
1989 (Phase I) and 1999 (Phase II)
Year built:
24 (plus a leasing office and clubhouse)
# of total buildings:
brick and siding
Exterior building materials:
Unit Amenities
Two Swimming Pools with Sundecks and Covered Lounge Areas
Clubhouse with Pool Access
Fitness Center with Cardio and Weightlifting Equipment
Business Center
Tennis / Pickleball Court
Playground
On-Site Laundry Facilities
On-Site Car Care / Wash Station
Covered, Outdoor Community Mailbox Area
Plenty of Convenient, On-Site Parking and Detached Garages Available
Controlled Access
Lushly Landscaped with Manicured Grass, Mature Trees, Palm Tres Trimmed Shrubs, Tropical Plants, and Colorful Flowerbeds
Online Resident Portal
Within Walking Distance to Public Transportation (CMRTA Bus Line)
Close to Parks, Lakes, Schools, Stores, Restaurants, and Entertainment Options
Convenient Access to Interstates 20 and 77, State Route 277, Sesquicentennial State Park, Downtown Columbia, University of South Carolina, and Columbia Metropolitan Airport
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Spacious Floor Plans with Scenic Wooded or Landscaped Views
Kitchen with Electric Stove, Refrigerator, Double Basin Sink, Dining Area, and Plenty of Cabinet and Counter Space
Wood-Style / Tile Flooring, Plush Carpeting, Lighted Ceiling Fan, and Mini / Vertical Blinds
Full Size Bathroom with Tiled Tub and Shower Combination
Vaulted Ceilings, Large French Windows, Walk-In Closet, and Semi-Private Entry
Private Patio / Balcony with Sliding Glass Doors / Glass Panel Door and Outside Storage
In-Unit Washer and Dryer / Connections in Most Units
Select Units Feature Kitchen Island / Breakfast Bar, Built-In Microwave, Woodburing Fireplace with Hearth and Mantle, Granite-Style Countertops with Undermount Sink, Updated Cabinetry,
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Community Amenities
Investment Highlights
Contact Us
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Mark Boyce
Managing Director
(843) 628-3765
mark.boyce@berkadia.com
JOHN BRAY
Senior Managing Director
404.654.2595
john.bray@berkadia.com
Richard Levine
Senior Managing Director
404.654.2590
richard.levine@berkadia.com
Josh Finley
Director
404.654.2594
josh.finley@berkadia.com
Thomas Colaiezzi
Director
(704) 565-9391
thomas.colaiezzi@berkadia.com
Blake Coffey
Senior Director
(843) 628-3766
blake.coffey@berkadia.com
Matt Robertson
Associate
(919) 812-3174
matthew.robertson@berkadia.com
CALEB TROOP
Managing Director
(980) 208-1668
caleb.troop@berkadia.com
MORTGAGE BANKING
INVESTMENT ADVISORS
BACK TO TOP
Throughout the last two years, Greenbrier Apartments has been the beneficiary of a significant capital infusion. Current ownership has spent more than $6,000,000 to complete select renovations of units, as well as upgraded amenities and rehabbed exteriors. A full break out of work completed can be reviewed below:
$4,684,348
($8,905/unit)
Interiors
Wood, Plastics, & Composites
Finishes
Equipment
Furnishings
Plumbing
HVAC
Electrical
$104,148
$877,085
$1,352,340
$1,544,664
$381,995
$104,148
$319,968
Turn-Key Asset Immediately Poised for Strong Rent Growth
Site Work and Demolition
Openings
Finishes
Equipment
Furnishings
Plumbing
HVAC
Electrical
$9,500
$14,250
$30,500
$35,000
$11,575
$3,000
$2,000
$6,000
$111,825
General Requirements
General Sitework
Misc. Specialties
Infrastructure and Misc.
$430,803
$558,054
$274,594
$423,297
$1,686,747
Total
$6,482,920
Neighboring top of market comps are achieving nearly $375 premiums for fully renovated units. Investors are well positioned to capitalize on rent premiums through a second-generation luxury renovation scope. The proposed second-generation renovation scope supported by neighboring new construction comps includes: vinyl plank flooring extended throughout all living and wet areas, converting the current all black appliances to stainless steel, new interior painting, modern lighting package, subway tile kitchen backsplash, smart tech package (Smart thermostats, keyless door entry, USB ports), 2” Plantation blinds, framed bathroom mirror, and in-unit washer/dryer installation.
Acquiring Greenbrier Apartments affords buyers an excellent opportunity to assume highly attractive HUD debt at a 2.64% all-in fixed interest rate (2.29% rate plus 35 bps MIP). This poses a uniquely beneficial opportunity to purchase a stabilized asset, with immediate rental upside at 300+ basis points of positive leverage day-one. Based on our analysis, new ownership is projected to achieve levered Cash on Cash returns of roughly 8% in year one.
Original Loan Amount:
Current UPB
Rate:
LTV:
Origination Date:
1st Amortization Payment Date:
Maturity Date:
$54,160,000
$50,571,783
2.29% (plus 35 bps MIP) = 2.64% all in rate
72% (at $70M strike price)
4/1/2021
4/1/2021
4/1/2056
Greenbrier Apartments total 526 cohesive workforce housing units across more than 30 acres in South Carolina’s capital city. The acquisition of Greenbrier will immediately grant the buyer substantial scale in the Columbia, SC market.
Greenbrier Apartments is ideally situated within the zoning boundary of one of Richland County’s top high schools, Spring Valley High School. Ranked 4th in the county and in the top 10% of all South Carolina public high schools, Spring Valley is an important demand driver for families seeking housing in Richland County.
https://www.publicschoolreview.com/south-carolina/richland-county
Prisma Health Richland Hospital: Employing over 5000 team members, Prisma Health Richland Hospital serves north of 225,000 patients annually.
Breakthru Beverage South Carolina: The largest beverage distributor in South Carolina, employing over 4,000 local employees. The facility is located less than 20 minutes from the subject property.
Michelin Tire Manufacturing: In service since the early 1980s, this plant current employees over 1,500 people to manufacture car tires for large scale distribution.
pitched roofs with composition shingles
Roof type:
32.66 acres
Acres of land:
16.11 units per acre
Density:
yes
Pets allowed:
Parklane Road
Major street exposure
Year Built
Unit Mix
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Clubhouse
Exteriors
Attractive Loan Assumption opportunity with day-one positive leverage
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Immediate Scaled Entry into Columbia, SC
Alignment to Top Tier Education System in Richland County
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Proximity to major employment drivers
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230 one-bedroom units measuring between 630 and 882 square feet
242 two-bedroom units measuring between 928 and 1,154 square feet
54 three-bedroom units measuring 1,321 square feet each
Average unit size of 955 square feet
Location
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Amenities
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Full Property Tax Abatement Available for Eligible Buyers
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Within the set of restrictive covenants, the property is subject to income restrictions, which require a 20% unit-allocation to residents making 50% AMI or less and 55% unit-allocation to residents making 80% AMI or less. All other units are market rate and have zero restrictions. These units are designated on the rent roll under the Floor Plan column: M = market rent unit (131 total units); L = 80% AMI unit (289 total units); VL = 50% AMI unit (106 total units). Once a resident is qualified under the respective AMI threshold, they can remain until their income remains below 140% of that initial qualification.
Example: If a resident moves in at the 50% AMI level, upon renewal they can remain in-place until they meet 70% AMI (50% x 140%).
Based on projected market rate taxes, this program has potential to save over $1,700,000 in annual tax burden. See below for a detailed breakdown of potential tax savings.
a.
b.
i.
Taxable Value (6% Ratio)
2024 Levy Rate^
Taxes
Less: Credits^
$3,150,000
601.47
$1,894,631
$97,939
YR 1 Market Value*
$52,500,000
YR 1 Projected Tax Savings
$1,796,692
*Assumes 75% of guided sale price (ATI)
^Projected 2024 millage rate assumes the 2023 millage rate increased 2.5%